Overview
- The comptroller executed the buy on Nov. 20 at a reported price of $91,336 per bitcoin, deploying half of the $10 million authorized reserve.
- The office describes the holding as temporary as it solicits custody and management contracts for the Strategic Bitcoin Reserve.
- SB 21 created the reserve and restricts eligible cryptocurrencies to those averaging at least $500 billion in market cap over the past 12 months.
- Arizona and New Hampshire authorized similar funds without making purchases, while Michigan and Wisconsin made prior crypto allocations through public pensions.
- Supporters frame the move as diversification and an inflation hedge, while critics cite volatility and Texas mining’s heavy power draw of 2,717 megawatts and research estimating about a 5% rise in electric bills.